Community Business Bank Provides Significant Funding for Affordable Housing Renovation
Community Business Bank announces that it has provided significant financing toward renovating the Olivewood Apartments, a 68-unit affordable housing project located at 2801-2811 La Quinta Drive in Sacramento County. The nearly 50-year-old complex will see renovations to exteriors and interiors, including new siding of the buildings, a modern façade, dual pane windows, bathrooms, kitchens and flooring.
The $10.3 million project is a joint venture between Pacific Development Group of Lodi and Alliance Property Group of Los Angeles, owners of Olivewood Apartments, with RDR Builders of Lodi as general contractors. Construction is in progress on the project’s first phase that once completed will also include a swimming pool and 1,750-square-foot community center that will be used to hold programs for residents of all ages.
